BARRACK RODOS & BACINE AND BERNSTEIN LITOWITZ BERGER & GROSSMANN LLP ANNOUNCE PENDENCY OF CENDANT CORPORATION CLASS ACTION
PHILADELPHIA, Oct 20, 1999 /PRNewswire via COMTEX/ -- The following
was released today by Barrack, Rodos & Bacine and Bernstein Litowitz
Berger & Grossmann LLP:
IN THE UNITED STATES DISTRICT COURT
FOR THE DISTRICT OF NEW JERSEY
In re: CENDANT CORPORATION LITIGATION Master File No. 98-1664 (WHW)
This document relates to: All Actions Except the Prides Action (No.
SUMMARY NOTICE OF PENDENCY OF CLASS ACTION TO: ALL PERSONS AND ENTITIES
WHO PURCHASED OR OTHERWISE ACQUIRED PUBLICLY TRADED SECURITIES (OTHER
THAN PRIDES) OF EITHER (i) CENDANT CORPORATION OR (ii) CUC
INTERNATIONAL, INC., DURING THE PERIOD BEGINNING MAY 31, 1995 THROUGH
AND INCLUDING AUGUST 28, 1998, AND WHO WERE INJURED THEREBY
This is to notify you that pursuant to Rule 23 of the Federal Rules of
Civil Procedure and an Order dated January 27, 1999, this Court has
certified the above-captioned action (the "Action") to proceed as a
class action on behalf of the following Class: all persons and entities
who purchased or otherwise acquired publicly traded securities (other
than PRIDES) of either Cendant Corporation ("Cendant") or CUC
International, Inc. ("CUC") during the period beginning May 31, 1995,
through and including August 28, 1998 and who were injured thereby,
including all persons or entities who exchanged shares of HFS
Incorporated ("HFS") common stock for shares of CUC stock in connection
with the merger of CUC and HFS.
The Action alleges violations of the Securities Act of 1933 and of the
Securities Exchange Act of 1934 by the following defendants:
1. Cendant. 2. The following former officers of CUC, and later of
Cendant: Walter Forbes, Chairman of Cendant's Board of Directors and a
member of Cendant's Executive Committee; E. Kirk Shelton, Vice Chairman
and a director of Cendant; Christopher K. McLeod, Vice Chairman and a
director of Cendant; Cosmo Corigliano, Senior Vice President and Chief
Financial Officer of CUC and later Chief Financial Officer of Cendant
Membership Services, Inc. ("CMS"); and Anne M. Pember, Senior Vice
President and Controller of CUC and CMS.
3. The following former directors of CUC: Burton C. Perfit; T. Barnes
Donnelley; Stephen A. Greyser; Kenneth A. Williams; Bartlett Burnap;
Robert P. Rittereiser; and Stanley M. Rumbough, Jr.
4. The following former officers of HFS and later of Cendant: Henry R.
Silverman, President, Chief Executive Officer and a director of
Cendant; John D. Snodgrass, Vice Chairman and a director of Cendant;
Michael P. Monaco, Vice Chairman, Chief Financial Officer and a
director of Cendant; James E. Buckman, Senior Executive Vice President,
General Counsel and a director of Cendant; and Scott E. Forbes, Senior
Vice President-Finance of Cendant.
5. The following former directors of HFS: Steven P. Holmes; Robert D.
Kunisch; Leonard S. Coleman; Christel DeHaan; Martin L. Edelman; Brian
Mulroney; Robert E. Nederlander; Robert W. Pittman; E. John Rosenwald,
Jr.; Leonard Schutzman; and Robert F. Smith.
6. Ernst & Young LLP, the former independent auditor of CUC and CMS,
which performed audits and reviews of the financial statements of CUC
Excluded from the Class are: (i) defendants; (ii) members of the family
of each individual defendant; (iii) any entity in which any defendant
has a controlling interest; (iv) officers and directors of Cendant and
its subsidiaries and affiliates; and (v) the legal representatives,
heirs, successors or assigns of any such excluded party.
The Court has appointed plaintiffs California Public Employees'
Retirement System; the New York State Common Retirement Fund; and
several of New York City's employee pension funds as Lead Plaintiffs
and certified them as class representatives in the Action.
IF YOU PURCHASED OR ACQUIRED THE PUBLICLY TRADED SECURITIES (EXCEPT
PRIDES) OF CENDANT OR CUC AS DESCRIBED ABOVE, AND YOU DO NOT REQUEST
EXCLUSION FROM THE CLASS, YOUR RIGHTS WILL BE AFFECTED BY THIS
LITIGATION. If you have not yet received the full printed Notice of
Pendency of Class Action (the "Notice"), you may obtain a copy by
identifying yourself as a member of the Class and by writing to:
Cendant Corporation Securities Class Action Litigation, c/o Heffler,
Radetich & Saitta L.L.P., P.O. Box 510, Philadelphia, PA 19105-0510.
If you wish to be excluded from the Class, you must, in accordance with
the instructions contained in the Notice, submit a written request for
exclusion, postmarked on or before December 27, 1999, addressed to
Cendant Corporation Securities Class Action Litigation at the address
All other inquiries regarding this Action may be made in writing,
addressed to Lead Counsel:
Leonard Barrack, Esquire Max W. Berger, Esquire
Gerald J. Rodos, Esquire Daniel L. Berger, Esquire
Jeffrey W. Golan, Esquire Jeffrey N. Leibell, Esquire
Barrack, Rodos & Bacine Bernstein Litowitz Berger &
3300 Two Commerce Square & Grossmann LLP
2001 Market Street 1285 Avenue of the Americas
Philadelphia, PA 19103 New York, NY 10019
PLEASE DO NOT CALL OR WRITE THE COURT OR THE OFFICE OF THE CLERK OF THE
COURT FOR INFORMATION OR ADVICE.
Dated: October 20, 1999 Clerk of the Court
United States District Court
District of New Jersey
SOURCE Barrack, Rodos & Bacine; Bernstein Litowitz Berger & Grossmann
(C) 1999 PR Newswire. All rights reserved.
CONTACT: Cendant Corporation Securities Class Action
Litigation, c/o Heffler, Radetich & Saitta L.L.P., 800-379-6239